Hyundai Motor America has acquired a three-story commercial building at 500 West 14th Street in Manhattan’s Meatpacking District with plans to expand its presence in New York City. The existing building features a nondescript brick façade and occupies an entire wedge-shaped block.
Cushman & Wakefield represented Hyundai in the acquisition, which closed at $22.5 million, or about $3,340 per square foot.
“The Meatpacking District remains resilient, as record pricing was established on a price per square foot and per ZFA basis,” said Brock Emmetsberger, senior managing director at B6 Real Estate Advisors in a public announcement of the sale. “We were quite confident that the right buyer, coupled with the perfect use, would place a premium on irreplaceable location that had not traded hands in over 53 years.”
Hyundai will likely renovate or fully replace the existing building, but has not yet filed any plans with the New York City Department of Buildings.